3 supermarkets cut fuel prices after oil slide

Tesco, Sainsbury and Morrisons have cut the price of diesel by 2p per litre and reduced petrol by 1p per litre, according to press reports.

Morrisons led the charge, cutting its pump prices in the wake of falling wholesale costs for fuel.

The cuts came in the wake of April’s Fuel Watch report from the RAC, which revealed that the wholesale price of diesel fell by 2.5p per litre in April, while petrol ended the month 3.5p per litre cheaper.

Lower wholesale fuel costs are the result of the combined effect of lower oil prices and a stronger pound. Wholesale fuel is priced in US dollars, so a strong pound reduces the cost for fuel suppliers.

“It is good news that this comes just as we were calling on retailers to cut prices at the pump but there is scope for them to go deeper. However, a penny on unleaded is simply not enough.”

It remains to be seen whether further pump price cuts will follow in May. But whatever happens to fuel prices, you can improve your chances of finding cheap fuel by using our Fuel Price Search page. Remember to add in the price you pay after you fill up.